The History of Ethereum
Ethereum was proposed by programmer Vitalik Buterin in late 2013. The main goal was to enhance blockchain capabilities beyond just cryptocurrency transactions. In 2015, the platform went live with the release of its first version, known as "Frontier."
Following its launch, Ethereum gained significant traction, enabling developers to build decentralized applications (dApps) using smart contracts. By 2016, the network was disrupted by the infamous DAO hack, which resulted in a hard fork, creating two separate chains: Ethereum (ETH) and Ethereum Classic (ETC).
Since then, Ethereum has undergone multiple upgrades, including "Metropolis - Byzantium" in late 2017 and "Metropolis - Constantinople" in early 2019. These updates focused on improving scalability, security, and reducing transaction costs.
In 2020, Ethereum laid the groundwork for "Ethereum 2.0," transitioning from a Proof of Work to a Proof of Stake consensus mechanism, aiming for greater speed and efficiency. The first phase, known as the Beacon Chain, launched in December 2020.
By 2021, Ethereum's ecosystem flourished, featuring DeFi protocols and NFTs, significantly impacting the global finance landscape. As of 2023, Ethereum continues to evolve, aimed at solving scalability issues while maintaining its decentralization ethos, thereby expanding its influence in the digital economy.